Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

	Current Year		Previous Year
Sales	$391,000		$336,000
Cost of merchandise sold	226,780		174,720
Selling expenses	66,470		63,840
Administrative expenses	70,380		57,120
Income tax expense	11,730		16,800

Question Content Area

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

	Current year Amount	Current year Percent	Previous year Amount	Previous year Percent
Sales	$391,000	_____%	$336,000	_____%
Cost of merchandise sold	226,780	_____%	174,720	_____%
Gross profit, Income from operations, Net income, or Total operating expenses	$_____	_____%	$_____	_____%
Selling expenses	66,470	_____%	63,840	_____%
Administrative expenses	70,380	_____%	57,120	_____%
Gross profit, Income from operations, Net income, or Total operating expenses	$_____	_____%	$_____	_____%
Gross profit, Income from operations, Net income, or Total operating expenses	$_____	_____%	$_____	_____$
Income tax expense	11,730	_____%	16,800	_____%
Gross profit, Income from operations, Net income, or Total operating expenses	$_____	_____%	$_____	_____%